> For the complete documentation index, see [llms.txt](https://docs.usefarlight.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usefarlight.com/assets/future-collateral.md).

# Collateral on the roadmap

Tokenised treasuries, fund units and other assets that may follow Stock Tokens as Farlight collateral, and the onboarding path that keeps every new market isolated from the ones already open.

Stock Tokens were the natural first market: they are native to Robinhood Chain and they arrive with a broker's distribution already behind them. The protocol itself is not tied to them. Any oracle-priced token can be given its own market, and this page describes the candidates and the route in.

## Tokenised treasuries and fund units

Tokenised US Treasuries are the largest RWA category after stablecoins, at roughly $16B on-chain. USDY, BUIDL-class funds, JTRSY and comparable tokens can reach Robinhood Chain over LayerZero or CCIP. As collateral they behave as the opposite of a stock: volatility is very low and the price is a NAV.

Target parameters for this class:

| Parameter               | Target                                                                                                                                   |
| ----------------------- | ---------------------------------------------------------------------------------------------------------------------------------------- |
| Origination LTV ceiling | 85% to 92%                                                                                                                               |
| Liquidation LTV         | A few points above the origination ceiling                                                                                               |
| Price source            | A NAV feed from the issuer or from Chainlink, with staleness limits tuned to a daily NAV                                                 |
| Trading session         | Not applicable, so no closed-market haircut                                                                                              |
| Transfer restrictions   | Many of these tokens are permissioned (ERC-3643 or a relative). The issuer has to allowlist the escrow contract before the market opens. |

## Funds issued by Robinhood

If Robinhood brings its own tokenised funds on-chain, they are assessed like any other candidate: oracle review, liquidity review, bytecode review, and then a tier assigned through the timelock.

## One market, one risk surface

Each collateral type becomes a separate market configuration keyed on `(collateralToken, loanToken, oracle, ltvConfig)`. Markets share nothing: no pooled liquidity, no cross-collateralisation, no common bad-debt ledger. A failure in a bridged treasury token cannot reach a Stock Token loan, and a Stock Token failure cannot reach a treasury loan.

## The onboarding sequence

1. Inspect the bytecode for pause, freeze, blacklist and forced-transfer roles.
2. Assess the oracle: whether a feed exists, how often it updates, what its deviation threshold is, and what it does while paused.
3. Assess liquidity: DEX depth on Robinhood Chain, or the redemption terms in the case of NAV-priced assets.
4. Publish a tier and cap proposal, with the reasoning, for the full length of the timelock.
5. Open the market under a small starting cap and raise it as liquidation and repayment data arrives.

## Collateral with compliance hooks

For tokens that implement ERC-7943 (uRWA) or ERC-3643, the escrow contract calls `canTransfer` and `canReceive` both when it takes collateral in and when it releases it. A transfer restriction therefore shows up at origination, not at the moment a borrower tries to repay. The [access registry](/architecture/eligibility.md) is designed so that the token's own compliance logic and the protocol's rules are each satisfied without either having to trust the other.


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